Accountancy Business Drives Growth with Funding from Barclays Acquisition for Durham Based Professional Firm

Posted on the 26 June 2019

A
County Durham based accountancy business has launched with a new name following
buy-in from a new partner with funding from Barclays.

Local
Accountants Paul and Laura Smith have successfully negotiated a deal to become
the new partners of former Stanley and Spennymoor based practice Murray and
Lamb and the new partnership will now be known as Smith & Co Accountants.
Based at Royal Road, Stanley, and Whitworth Terrace, Spennymoor, the practice
serves clients from a broad sector of businesses offering all aspects of
accountancy services.

Paul
and Laura Smith, Partners, Smith & Co Accountants said: “It’s been a long
held dream to be partners of an accountancy practice and securing this deal
with Barclays has enabled us to fulfil this locally. We’re looking forward to
this exciting new chapter of business and we have always enjoyed working with
local businesses to see how we can support them and help them grow.”

“The
funding from Barclays offers us the flexibility to expand as we continue to
invest in both people and premises as part of our growth journey. With the move
toward online accounts platforms and making tax digital this put us in a strong
position to take the business in an exciting new direction and provide strong
support to our clients both regionally and nationally.”

Smith
& Co Accountants employ fifteen people locally and turnover for the current
year is expected to exceed £1m for the company.

Michael
Watson, Barclays Business Relationship Manager put together the funding package
for the deal and said: “It’s great to be able to support a local business that
is thriving and expanding for the future and contributing to the local economy.
Paul and Laura are well known locally, are very experienced accountants and the
future looks bright for this well managed and ambitious practice.”